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Groww, India’s largest retail stockbroker, plans to file for an IPO within 10 to 12 months and is seeking a valuation of $6 billion to $8 billion, sources familiar with the matter told TechCrunch, which would be a landmark listing for the country’s trade. . fintech sector.
The Bengaluru-headquartered listing will be the first IPO by a digital-era trading platform in India. The target valuation is more than double the $3 billion level from the last funding round in October 2021, the sources said.
Groww, which counts Peak XV, Tiger Global and Alkeon among its backers, has started talks with investment banks and will soon select advisers for the IPO, the sources said. A startup that enables customers to invest in mutual funds and make UPI transactions, moved his residence to India from the United States last year as part of IPO preparations.
The trading software operator has outpaced its rivals in India’s crowded retail investment market. It had 13.2 million active users in December, compared with 8.1 million for its nearest competitor Zerodha, according to data from the National Stock Exchange. Groww adds between 325,000 and 550,000 new users every month, twice the rate of competitors.
There is India has emerged as a bright spot for tech listings globallyIn 2024, seven technology startups will go public as part of 13 overall startup listings. Food delivery platform Swiggy’s $1.35 billion listing was the largest global tech IPO this year.
More than 20 Indian startups are planning IPOs in 2025, including business-to-business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU and pharma platform PharmEasy, TechCrunch previously reported.
In a recent interview with TechCrunch, JPMorgan’s head of Indian equity capital markets said that India’s growing domestic capital and policy sustainability are among the factors behind the country’s IPO growth.
India’s market capitalization has doubled since 2019 to $5.3 trillion, and daily trading volume has tripled to $15 billion.
“No other country globally gives you this much political certainty and policy continuity,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue against a political decision, but you can’t argue with their consistency.”
